UBX, a fintech subsidiary of Union Bank, is expanding its operations in Singapore while considering growth in Asia.
UBX, the financial technology venture capital studio and Union Bank fund, hopes its Singapore headquarters will be a bridge for startups to enter the Philippine market, according to an announcement made on Tuesday.
The operations will be led by the Singapore Country Leader Cryus-Cruz, who joined UBX five months ago after more than three years at Tokio Marine Insurance Group, where he was regional manager of digital strategy and its innovation lab. He also brings his experience gained from Chubb, Axa, AIG and JP Morgan.
UBX cited the wealth of start-ups and the pool of fintech talent among the reasons it is launching into the city-state. He also noted the rapid rise of fintech in financial transactions and the “significant growth” in UBX companies, fueled by the coronavirus pandemic.
“UBX has strategically set up an office here to contribute and benefit from the established ecosystem. This will not only expand our network, but will also help us learn from different companies across the country, ”said Cruz.
UBX previously partnered with the Monetary Authority of Singapore on its Business Without Borders (BSB) project.